SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID
1 min read . Updated: 15 Sep 2020, 06:25 PM IST
Premium- The airline's operating revenue stood at ₹521 crore in the first quarter of 2020-21
- Commenting on the performance, Ajay Singh, chairman and managing director, SpiceJet said, 'Flight operations were suspended for most part of the (first) quarter'
SpiceJet, low-cost carrier, has reported a consolidated net loss of ₹600.5 crore for the the quarter ended June 2020 as flight operations remained suspended for most part of the quarter in the wake of coronavirus outbreak. The company had posted consolidated profit at ₹262.8 crore in same period last year.
The airline's operating revenue fell significantly by 82.6% to ₹521 crore in the first quarter of 2020-21.
"The COVID-19 pandemic (declared as such by the World Health Organisation on March 11, 2020), has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets," said SpiceJet.
Commenting on the performance, Ajay Singh, chairman and managing director, SpiceJet said, "Flight operations were suspended for most part of the (first) quarter, and the partial resumption of flights initially and weak demand thereafter were a reminder of the significant problems that this pandemic has resulted in."
SpiceJet reported consolidated EBITDA loss at ₹193.2 crore for June quarter 2020
"The average domestic load factor for the quarter was 66.4% and the airline maintained its market share of above 16 percent despite the impact of COVID-19 thus demonstrating robust operating parameters," company said.
